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Management Fundamentals-Assignment

The document outlines five principles of management put forward by Henry Fayol: (1) Division of work to increase productivity and profits; (2) Unity of command to avoid confusion and maintain accuracy; (3) Remuneration to financially and otherwise compensate employees appropriately to satisfy both parties and increase efficiency; (4) Centralization with a balance of authority between managers and subordinates to allow successful task performance; (5) Initiative to give employees a sense of ownership and responsibility, thereby increasing their efficiency and the organization's profits.

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Saurav Das
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34 views

Management Fundamentals-Assignment

The document outlines five principles of management put forward by Henry Fayol: (1) Division of work to increase productivity and profits; (2) Unity of command to avoid confusion and maintain accuracy; (3) Remuneration to financially and otherwise compensate employees appropriately to satisfy both parties and increase efficiency; (4) Centralization with a balance of authority between managers and subordinates to allow successful task performance; (5) Initiative to give employees a sense of ownership and responsibility, thereby increasing their efficiency and the organization's profits.

Uploaded by

Saurav Das
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Assignment-1

Management Fundamentals
Date: 07/08/2021

The following are the five principles put forward by Henry Fayol:

i) Division of Work:
This principle allows to divide the work as per the efficiency of the personnel
performing it and thus will lead to higher productivity.
The higher in productivity leads to more profit for the organization.

ii) Unity of Command:


As per this principle, the one at the lower level i.e the subordinate should only receive
any given command or orders from one manager only and so on. This will help to
maintain accuracy in the organization. If suppose orders come from different
managers at any given time the one performing the job will be baffled and thus chaos
will ensue.
This will eventually lead to losing of credibility of the commanding officers and thus
will result in increase of inefficiency among workers.

iii) Remuneration:
Any organization should take care of the employees well, by paying what they owe.
The services traded by an employee towards an organization should be well
compensated financially. Moreover, besides financial remuneration they should be
compensated with other perks as well keeping in check that this satisfies both the
employer and the employee.
This in turn will lead to increase in efficiency of the employee.

iv) Centralization:
The principle here tells the organization to have a mixed policy where not all powers
are given the the managers and vice versa. If the organization allows full
centralization then the subordinates will have no authority(power) to perform the job
properly and by giving the full power to subordinates it will lead to have their own
free will to do what they feel like, thus impacting the organization in a negative way.
So, there should be a perfect balance between both centralization and decentralization.
The managers should have the final authority but should give enough freedom to
their subordinates to perform a task successfully.

v) Initiative:
This principle advises the organization to let the employer have a ‘feel free’ kind of
attitude in the workplace. In other words the employer should allow its subordinates
to think out a plan and do what its takes to make it happen as long as it does not effect
the organization in a negative way.
This action of initiative will allow the employees to have a sense of ownership and
thus will make them responsible for what they are doing and thereby, increasing their
efficiency and overall the organization its profit.

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